Twenty-five pesos

Historical and Issue Context

The fiscal crisis of 1812:With independence underway on the American continent, the so-called “located” —the annual subsidy that the Crown sent from Mexico to support the coffers of Puerto Rico— stopped arriving. Faced with this crisis, Governor Salvador Meléndez Bruna authorized, by Royal Order of August 31, 1812, the issuance of a provincial paper currency called “papeletas”, initially for 80,000 pesos, an amount that would be expanded to 500,000 pesos during 1813.

A voucher, not a circulating note:This document is not one of the current bills, but a voucher or loan certificate issued by the Treasury in exchange for bills delivered by an individual — accruing an interest of 6% per year in actual silver and was endorsable like any commercial promissory note —, a mechanism that the Royal Treasury used to withdraw part of the issued paper from circulation and maintain its value.

The arrival of Alejandro Ramírez:On February 11, 1813, just three months before the date of this voucher, the new Mayor of the Royal Treasury, Alejandro Ramírez, arrived in Puerto Rico from Guatemala. His management was decisive: through fiscal consolidation policies, he managed to completely amortize the paper money towards the beginning of 1816, returning stability to the island's treasury.

Alejandro Ramírez, the Most Transcendent Signature

The “V° B°” (Seen Good) at the bottom of the document bears the signature ofAlejandro Ramírez, the most influential figure in Puerto Rico's economic history in the nineteenth century. As Intendente de la Real Hacienda (1813–1816), Ramírez cleaned up the island's finances, promoted agricultural diversification, and laid the foundations for Puerto Rico's first census and first official statistical record.

His signature on this voucher, only weeks after taking office, documents the beginning of one of the most important fiscal administrations in Puerto Rican colonial history.

Key Details Visible in the Document

• Header:“NATIONAL TREASURY OF PUERTO RICO”, with an embossed circular seal at center framing an emblem with laurel leaves.
• Text of the obligation:“By this solemn document, one year from its date, twenty-five pesos will be returned to Don Juan and Gil in provisional ballot money… in accordance with the minutes of the Provincial Board of Finance of March 22 of this year.”
• Wax seal:official seal stamped in the lower-left corner of the obverse, beside Ramírez's signature.
• Reverse:repeats the same heading and seal in translucent filigree, with additional handwritten notes on the lending procedure under the Treasury Board's resolution.
• Log notes:“Entered at folios” and “Recorded” at the foot, confirming its entry in the Treasury’s accounting books.

Rarity and Collectible Value

The documents and paper notes of the National Treasury of Puerto Rico from this 1813 issue —popularly known among collectors as the “Little Lamb Issue” because of the emblem on the official seal— rank among the rarest and most coveted pieces in Puerto Rican numismatics, alongside the old 18th-century paper notes and the extremely scarce proclamation coins. Their fragile paper and the near-total redemption of the issue by around 1816 mean that very few specimens survive today.

Sources

• Pick, Albert.Standard Catalog of World Paper Money — Specialized Issues.
• General Archive of Puerto Rico
• Heritage Auctions —ha.com(opens in a new tab)
• Numista —numista.com(opens in a new tab)